These days, in a digital world, protecting your finances is of the utmost importance, and to do this, you need to ensure that your business bank account is absolutely secure.
Now that transactions are almost exclusively online and hackers are becoming increasingly sophisticated in their means of stealing data, it’s easy to see why businesses are at such a high risk of becoming the victims of cyberattacks.
However, it’s actually not always a company’s biggest assets that cybercriminals target. Sometimes, they go after accounts that are seemingly lower risk as they tend to be easier to breach.
Business bank accounts to consider include:
So, with that in mind, what can businesses do to protect their business bank accounts?
Prioritise Strong Passwords and Multi-Factor Authentication
It may seem basic, but one of the most important things you can do is create strong passwords. Although it obviously seems obvious, weak passwords remain one of the easiest ways for hackers to break into accounts.
Good passwords ought to be 12 characters long and they should be made up of a combination of letters, numbers and special characters. If you’re someone who’s still using something like your first pet’s name or, heaven forbid, “password123”, it’s probably time for an update.
In addition, multi-factor authentication (MFA) is also a great thing to use whenever possible. It allows you to access your business bank account by means of two forms of identification – normally a password and something like a security token or a phone.
That way, even if a nefarious character gets hold of your password, they’ll still need that second means of authentication to access your account, and this can be the difference between having a secure account and leaving your finances vulnerable.
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Monitor Your Accounts Regularly
Ensure that somebody (with the appropriate credentials) is regularly checking your business bank accounts to ensure that everything is in order. Often, cybercriminals infiltrate accounts by making small transactions to see if anybody will notice, and if they’re not flagged, that’s where the real trouble starts.
If you’re keeping a close eye on your transactions and account activity more generally, you’re far more likely to be able to pick up any unusual activity immediately.
The best way to do this is to regularly review account statements and, if possible, set up alerts for unusual transactions. Most banks offer options for receiving a notification whenever a transaction is made exceeding a certain amount and this is a great way to see unauthorised access so that immediate action can be taken.
Limit Access and Train a Select Few Teammates
For small businesses, it’s most likely that you’ll just have one person to access the company’s bank account. Of course, generally speaking, it’s best to limit access as much as possible in order to reduce risks.
Of course, employee training is absolutely essential. A lot of cyberattacks occur by means of phishing emails whereby hackers trick employees into clicking on dodgy links or sharing login details.
To avoid this from happening, regularly train your team on how to identify phishing attempts and adhere to safe internet practices. Just having regular refreshers will help keep things safer.
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Only Use Secure Connections and Devices
Whenever somebody is accessing business bank accounts, ensure that they’re using secure connections and devices. Don’t login into these accounts on public Wi-Fi networks, and if you need to access your bank accounts while you’re out, use a VPN to create a secure, encrypted connection.
When it comes to devices (laptops, phones, tablets), ensure that they’re secure. Keep operating systems up to date and make sure you always have antivirus software up and running. If a device is lost, change all logins immediately.
Be Aware of Third-Party Integrations
Lots of businesses, especially the bigger ones, use accounting software that’s linked to their business bank accounts. It’s absolutely essential that the software that’s used is reputable and well-established and that all permissions are properly granted – don’t grant anything that’s not absolutely essential.
The way in which these accounts and software platforms are integrated is really important – they should be on “read-only” access meaning that outsiders can only view information rather than edit it.
Always Keep Security Policies Up-to-Date
Cybersecurity is always evolving, so companies need to ensure that they’re always up to date with any changes that are made. Companies need to make it a priority to regularly review and update security practices.
The best thing companies can do is stay informed about new and evolving cybersecurity threats in order to be ready to combat them and mitigate risks as far as possible.
